The Federal Trade Commission (FTC) delayed implementation of its anti-identity theft regulations, the so-called "Red Flag Rules," until Nov. 1. The rules were set to go into effect Aug. 1.
The FTC says in a news statement:
To assist small businesses and other entities, the [FTC] staff will redouble its efforts to educate them about compliance with the "Red Flags" Rule and ease compliance by providing additional resources and guidance to clarify whether businesses are covered by the Rule and what they must do to comply. To give creditors and financial institutions more time to review this guidance and develop and implement written Identity Theft Prevention Programs, the FTC will further delay enforcement of the Rule until November 1, 2009.